Canada Life has unveiled a market-first innovation in the bulk purchase annuities (BPA) market that reframes the BPA buyout member experience to support members’ holistic wellbeing into and throughout retirement.
Harnessing its collective expertise as a global financial services provider, Canada Life has launched Your Life Hub: an online portal of wellbeing services, tools, calculators and educational content that supports members’ emotional, physical and financial wellbeing, and guides deferred and pensioner members through key life moments.
Central to Your Life Hub is WeCare1: a virtual support service that brings together health, wellbeing, financial and legal support to help the member and their immediate family1 at every stage of life. Canada Life already provides over 2.8 million group protection members and home finance customers with access to WeCare.
Canada Life is the first bulk purchase annuities provider to give its buyout members access to a holistic wellbeing support service as part of their offering.
WeCare is delivered on behalf of Canada Life by CQC-registered Teladoc Health UK to users online or via an app. It provides access to:
- UK-based GP phone or video consultations, 24 hours a day, 7 days a week
- A mental health helpline and counselling, which includes bereavement counselling
- Get fit, nutrition and smoking cessation programmes
- A second medical opinion service to review a diagnosis or treatment, and
- Guidance on legal and financial matters, such as bereavement and probate.
Coupled with WeCare, Your Life Hub equips buyout members with support to navigate life in the lead up to and through retirement. It also provides access to their pension information, and has an education centre on topics ranging from wellbeing, financial scams and bereavement, alongside tools to help them make decisions about their future.
Supporting changing life stages
Drawing on research and its experience as a financial services provider looking after 3.3 million UK customers, Canada Life has enhanced its post-buyout member experience in part to bridge a potential wellbeing and support gap that arises when pensioner members leave the workforce.
Its Life100+ research programme into the longevity global megatrend has identified that expectations, motivations and financial needs evolve as people approach and transition into retirement.
It found people in their 50s and early 60s in particular view retirement with both pleasure and trepidation. Their hope for an enjoyable longer life is tempered by anxiety about financing their future2.
Managing their health also moves up people’s agenda with age too. Pre-retirement, this group worries more about their physical and mental health. Life100+ data also revealed that staying mentally and physically active outranked financial necessity as a reason for people choosing to work beyond 65 (around 42% vs 25%)3.
Commenting, Shreyas Sridhar, Managing Director, BPA at Canada Life, said:
“We are launching Your Life Hub, with Canada Life’s WeCare service at its heart, to change what it means to care for buyout members once they become our customers and make a meaningful difference to members’ lives as they move into and through retirement.
“We have learned through our 120-year heritage as a UK financial services provider, and more recently in our Life100+ research, that member experience needs to evolve and safeguard retirees’ wellbeing in the round, rather than focusing solely on their pension considerations. Longevity is increasing, lifespans are more complex, retirees will require income and support for longer, and they expect a better quality of care from services supporting them.
“Your Life Hub is part of our commitment to address these challenges head-on and be there for members in the moments that matter. By rethinking what it means to care for members’ holistic wellbeing needs, and providing one destination of support that we can easily evolve with members’ requirements, we can help members feel confident in their later years.”
-ENDS-
Notes to Editors
- WeCare is a non-contractual benefit provided on behalf of Canada Life UK by global telehealth provider Teladoc Health UK Ltd, and can be altered or withdrawn at any time. Immediate family includes a spouse, partner, parent or sibling living in the same household as the member, any legal dependant under 21 in full‑time education, or any other legal dependant who relies on the member due to disability. The member’s spouse or partner will retain access to WeCare for six months after the member has died.
- Source: Canada Life – Life 100 Report: Exploring longevity to build financially secure futures, published October 2024; page 17. Research was conducted by @the Big Window Consulting. Findings are based on a representative sample of 3,200 adults across the UK (quantitative survey conducted May, June and July 2024).
- Source: Canada Life – Life 100 Report: Building longevity-ready workplaces in the UK, published June 2025; page 24. Research was conducted by @the Big Window Consulting. Findings are based on a representative sample of 3,200 adults across the UK (quantitative survey conducted February 2025).
Enquiries:
Press enquiries should be directed to:
Julie Hughes-Edwards, Canada Life, +44 7803 249343, julie.hughes-edwards@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Through its subsidiary companies, Great-West Lifeco operates in Canada, the United States, and Europe. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Canada Life Limited began operations in the United Kingdom (UK) in 1903 and provides UK individuals and businesses with a range of retirement, investment, insurance and wealth solutions. Canada Life offers individual annuities, pension de-risking solutions, home finance, estate planning and investment options, and workplace protection products.
Canada Life Limited (no.973271) is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Stonehaven UK Limited (no.05487702), trading as Canada Life, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited (no.033178C) and CLI Institutional Limited (no.108017C) are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC (no. 440141) and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited (no.3846821), Canada Life Limited and Canada Life European Real Estate Limited (no.03846823). Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Please note that while Canada Life Limited and Canada Life Asset Management Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.
www.canadalifeassetmanagement.co.uk